>NVS won't "own" Alcon until 2010, so technically there is no synergy yet.<
Why couldn’t NVS discuss the synergy expected in 2010?
The answer is that NVS will not own Alcon outright even in 2010. 23% of Alcon is publicly traded and NVS has made no offer to buy out these minority shareholders.
As long as Alcon has minority shareholders, it can’t be merged with NVS’ CibaVision unit to generate any cost synergies.
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